In the Steampunk modpack I was using the Magnetic Ring for quite some time without issue.
Then on an excursion through the Nether, the Ring just stops working entirely.
Still have yet to track down some accidental keybind, or other interaction that would have caused this. And changing dimensions, and relogging have yet to resolve the issue. Any ideas?

Same issue here, pressing j or k doesn't help.
Relogging to the (multiplayer) server doesn't help too.

Hey, I had this same issue. Didn't realize it was the nether causing this until I read your comment but you are correct. I entered the nether, the ring breaks. I went back to the overworld, unequipped the ring, then relogged and it worked again. That being said I'm playing on singleplayer so bear that in mind.

So correction on my previous post. The ring is still broken. It shows the animation of items being pulled to me however I still need to walk to their actual position to pick them up.

did you try re-enabling it using the keybind?
maybe client and server got out of sync (singleplayer is also running a server)

What's the default keybind or the name of the keybind. I've searched and haven't found anything relevant other than holding shift to temporarily disable, which hasn't fixed anything. Also, I've upgraded the ring to the dislocation ring and the bug is still present.

my bad the permanent one is the inventory button
guess you can try clicking that

Just got it fixed.

I tried both the scroll of ageless wisdom keybind (default j) and spellstone active ability keybind (I think default is k, not 100% sure) from engimatic legacy. I'm not sure which one did it but it's fixed the ring. Thanks for the idea SiverDX

I am having this bug also, going into and out of the nether has not fixed it, pressing the 3 keybinds for this modpack has also had no affect. Acts as if its not even equipped.

I'm back! The bug happened again after entering the nether again. This time the previous hotkeys and reloading have not fixed it. Not sure what to do now